Columbus, OH politicians use accounting scheme to hide extra costs of a new soccer stadium.
How this is legal by any accounting standards is beyond me. Will voters revolt or hold the politicians accountable? Probably not.
Here’s more from Field of Schemes:
Starting early this year, as city department heads planned for the stadium, documents show they didn’t have one budget, but two: costs included in the $50 million and those outside of it, spread across various departmental budgets and funding sources…
In one spreadsheet circulated among city officials in March titled “Updated Project Budget and Timeline,” City Auditor Megan Kilgore tallied up what at the time were the project costs — almost $98 million, split between two “buckets”: ”$50 million” and “Other Projects.”
“This is our best effort at keeping track of projects,” Kilgore said in the March email to which she attached the spreadsheet. “The above will dictate how we continue to push expenditures that EXCEED the above amounts into the ‘Other Projects — outside of $50 million bucket’ pot.”